Technical Analysts can you help me figure out whether this is a bullish engulfing. I looks like this absolutely satisfies the bullish engulfing rule. Open of yesterday is greater than the close of yesterday. And the open today is less than the close of yesterday, And the close of today is greater than the open of yesterday. Price increase backed by amazing volume. Can we expect some significant upmove in this counter in ST. I am not that great at technical analysis. I would really appreciate all your tech experts help on this. I have attached the graph.
ELECTROSTEEL CASTINGS LTD - Technical Experts Help needed
- Thread starter satishjk
- Start date
Though Electrosteel may continue its upmove for some more time because it has broken through a range of 28-53 after a long time.
Secondly the pattern that you have shown does not qualify for bullish engulfing pattern. Here are the few criteria that it doesnt fulfill:-
1. There should have been a downtrend since last 6-7 days
2. The opening price on last bar should have been atleast 2 % lower than close of previous day
Secondly the pattern that you have shown does not qualify for bullish engulfing pattern. Here are the few criteria that it doesnt fulfill:-
1. There should have been a downtrend since last 6-7 days
2. The opening price on last bar should have been atleast 2 % lower than close of previous day
Just a humble newbies opinion Rajesh!
Dont take it serious! But here is the explanation!
We are in higher level reached with much higher volume
At the last time also(07/99) we had the highest historic volume of that time!
This time same scenario of high volume but not even historic high volume!
We are also going to complete third step in my analyzer!
So I guess, I say I guess we could have a down move in the stock soon!!!
I am less experienced than many professionals and hence many of these ideas could be wrong
After all i must take bail before getting busted!!!
And BTW this is monthly analysis!!! Not Daily...This scrip could move up in this month...
Dont take it serious! But here is the explanation!
We are in higher level reached with much higher volume
At the last time also(07/99) we had the highest historic volume of that time!
This time same scenario of high volume but not even historic high volume!
We are also going to complete third step in my analyzer!
So I guess, I say I guess we could have a down move in the stock soon!!!
I am less experienced than many professionals and hence many of these ideas could be wrong
After all i must take bail before getting busted!!!
And BTW this is monthly analysis!!! Not Daily...This scrip could move up in this month...
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Just a humble newbies opinion Rajesh!
Dont take it serious! But here is the explanation!
We are in higher level reached with much higher volume
At the last time also(07/99) we had the highest historic volume of that time!
This time same scenario of high volume but not even historic high volume!
We are also going to complete third step in my analyzer!
So I guess, I say I guess we could have a down move in the stock soon!!!
I am less experienced than many professionals and hence many of these ideas could be wrong
After all i must take bail before getting busted!!!
And BTW this is monthly analysis!!! Not Daily...This scrip could move up in this month...
Dont take it serious! But here is the explanation!
We are in higher level reached with much higher volume
At the last time also(07/99) we had the highest historic volume of that time!
This time same scenario of high volume but not even historic high volume!
We are also going to complete third step in my analyzer!
So I guess, I say I guess we could have a down move in the stock soon!!!
I am less experienced than many professionals and hence many of these ideas could be wrong
After all i must take bail before getting busted!!!
And BTW this is monthly analysis!!! Not Daily...This scrip could move up in this month...
Experience doesn't comes by the number of posts or being an old member of traderji.. It comes with the real analysis. I am just a novice trader.
I doubt that my concepts, analysis and knowledge wont match your levels
... I feel it so because I have seen some of your posts...Hey common on.. We learn from each other. I am never serious. I m just putting my analysis. If you see the volumes, they are quite high from last 2 months. In the entire trading cycle of this scrip there is never such a higher volumes..
Volumes at 07/1999 is 403,700
Volumes at 09/2007 is 2,720,515
Volumes at 10/2007 is 21,923,028
Volumes at mid 11/2007 is 25,461,544
There is a nice sideway consolidation for last few weeks with nice volumes (just talking what charts shows me.. ) I agree it ran up quite a bit but a nice uptrend formation
May I know about the third step in your analyzer..
Volume at 2005/03???
Past highest volume!!!
Here is the wave if u are interested!!!
No material is there to support it, expect my "8th standard" maths!!!
We have time for completion of 3...How much time is the question!
Past highest volume!!!
Here is the wave if u are interested!!!
No material is there to support it, expect my "8th standard" maths!!!
We have time for completion of 3...How much time is the question!
No need of material but can explain about the wave. For anything the base is always groundlevel maths.
Quite a huge runup in the last few weeks.. Would not be a right time for entry but cant say that this is the end.. maybe a nice pullback to give better levels.. Ahhh alas u made me work at night
Raj
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